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Article: Central bank cuts lending rate 0.3%
- Article from:
- Jerusalem Post
- Article date:
- May 26, 1998
- Author:
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DAVID HARRIS
Jerusalem Post
05-26-1998
The Bank of Israel yesterday announced it will cut its key lending rate by 30 basis points to 11.6 percent in June, the fifth consecutive monthly fall.
In January the central bank's rate stood at 13.4%. Interest rates are now at their lowest level since June 1994, when the central bank set its lending rate at 11.51%.
Last night the commercial banks followed suit, announcing a 0.3% interest rate cut.
In a statement, the central bank said the cut, which had been widely predicted by economists, was made possible by the continuing advances in reducing inflation, both in terms of the present rate of inflation and expectations for the months ahead.
Finance ...